Immigrationboards.com

Hi,
I will soon have my citizenship ceremony and british passport.

I have a savings account in India with ICICI and I want to tranefr the funds therein to UK GBP. I am hoping with the collective wisdom of members and experts here I would be able to find the best way. Can you please advise on the ways to convert and transfer from INR to GBP, including any legal constraints etc.

Thanks in advance

P.S. I know I should have converted my savings account to NRE account long ago but have not done it due to lethargy to be honest. Is that the most efficient and legal way of transferring? I have avoided that so far because it is difficult doing it from UK and havent got a chance to visit India for many years.

NRE accounts only accept foreign currency deposits which are then converted to INR. So NRE account won't work for what you are looking to do. There is an option to open an NRO account which only accepts INR deposits, but again, this is no good for you either.

If you find a workable solution to this please do share your experience - as I would be curious to know as well.

Cheers.

jagacharaja wrote:NRE accounts only accept foreign currency deposits which are then converted to INR. So NRE account won't work for what you are looking to do. There is an option to open an NRO account which only accepts INR deposits, but again, this is no good for you either.

If you find a workable solution to this please do share your experience - as I would be curious to know as well.

Cheers.

Yes i meant NRO account, thanks for correcting. From what Ihav found so far the best options are paypal, western union, or ICICI/Citibank (open bank accounts in both India and UK and then transfer funds from India account to UK account. Another option isif you can find some friends wanting to send money from UK to India and barter with them. I will decide among these when the time comes maybe in another year or so.